US gives Green Climate Fund additional $500m grant
The US State Department has made an extra $500 million grant to the Green Climate Fund (GCF), which aims to advance low-emission, climate-resilient development.
The funding is part of a $3bn pledge made by US President Barack Obama back in 2014. The first instalment of $500m was made in March last year.
The GCF is expected to gain $200bn by 2020, with the help of private and public donations.
It works under the framework of the United Nations Framework Convention on Climate Change (UNFCCC), an environmental treaty that came into force in 1994.
The goal of Green Climate Fund is to limit the increase of temperature of earth by 2 degrees Celsius. It aims to achieve this by helping protect vulnerable populations and to drive clean energy deployment.
GCF was established by 194 governments around the world to limit or reduce emissions of greenhouse gases in developing countries.
More than 180 countries have established plans to reduce emissions; with mjority of them taking key policy and regulatory reforms for promoting private sector investment in energy efficient and low-emissions technologies.
The GCF supports developing nations in their efforts to achieve those objectives and to become more resilient to climate change.
With limited public resources, the GCF directly engages the private sector in new ways to source better private investment.